This document discusses rethinking client onboarding processes in response to increasing regulations. It identifies key regulatory impacts that are driving changes to client onboarding, including more robust client identification and data collection. It also analyzes current challenges faced by banks in onboarding clients, such as fragmented processes, lack of data standardization and system interoperability issues. Finally, it proposes several key success factors for transforming client onboarding, such as establishing a single point of contact, globalizing and standardizing processes, centralizing data, focusing on legal entity identifiers, and implementing ongoing monitoring.
FATCA: why is it so difficult even after so many years?HEXANIKA
Under this law, all non-U.S. Foreign Financial Institutions (FFI’s) are required to search their records for U.S. persons and to report the assets and identities of such persons to the U.S. Department of the Treasury. Read the detailed report here:
FATCA: why is it so difficult even after so many years?HEXANIKA
Under this law, all non-U.S. Foreign Financial Institutions (FFI’s) are required to search their records for U.S. persons and to report the assets and identities of such persons to the U.S. Department of the Treasury. Read the detailed report here:
Case study: Offshore Syndrome and PoliciesPRASAD GHAG
It talks about famous case study of Offshore syndrome and policy. Link to case study: http://www.bloomberg.com/news/articles/2004-12-05/offshoring-the-pros-and-cons-for-europe
Client Onboarding: Effectively Managing the Client LifecycleDoxim Inc.
The first 90-120 days of your client’s lifecycle is commonly referred to as client on-boarding period. This period represents one of the best opportunities for a wealth management firm to engage with the client and maximize business opportunities. It is also represents an account administration challenge in terms of account opening, asset transfers, needs assessments and data capture. Download this presentation to discover more about:
- The 3 Stages of Client Onboarding
- Client Onboarding Best Practices
- Doxim's onboarding solution - Doxim OpenAdvantage
Visit www.doxim.com for more information.
Getting it right from the start: Taking a strategic approach to client onboar...Accenture Insurance
Firms providing wealth management services know that getting the client onboarding experience right over the first 90 to 120 days of the relationship is essential. Performed properly, onboarding helps set the foundation for a deeper, more profitable long-term relationship.
"Cette publication a pour objectif de renforcer les connaissances sur les enjeux de la gestion des ressources humaines (RH) dans le secteur associatif et de donner des repères favorisant la mise en place d'outils et de politiques RH dans le secteur." Au sommaire :
- Analyse des enjeux de l'accompagnement RH associatif
- Panorama d'acteurs et de ressources utiles
- Retours d'expériences
Cyber Security Unit laws_and_regulatory_requirements.pptxSourabhNath4
Hello, cyber security notes and all. Details and various things.jsksjdhrjkdhdjdjdksjsbdks skgidbsks. Dudye8heueodheieheidhieheue. Sjsjsuowbsiskwbwiwngeiee wjehueowneur
As banks prepare themselves for the open banking journey and being able to share high-quality and accurate data with third parties, they face two immediate needs - a strong data governance and a robust data management framework that offers adequate data privacy and security measures.
Case study: Offshore Syndrome and PoliciesPRASAD GHAG
It talks about famous case study of Offshore syndrome and policy. Link to case study: http://www.bloomberg.com/news/articles/2004-12-05/offshoring-the-pros-and-cons-for-europe
Client Onboarding: Effectively Managing the Client LifecycleDoxim Inc.
The first 90-120 days of your client’s lifecycle is commonly referred to as client on-boarding period. This period represents one of the best opportunities for a wealth management firm to engage with the client and maximize business opportunities. It is also represents an account administration challenge in terms of account opening, asset transfers, needs assessments and data capture. Download this presentation to discover more about:
- The 3 Stages of Client Onboarding
- Client Onboarding Best Practices
- Doxim's onboarding solution - Doxim OpenAdvantage
Visit www.doxim.com for more information.
Getting it right from the start: Taking a strategic approach to client onboar...Accenture Insurance
Firms providing wealth management services know that getting the client onboarding experience right over the first 90 to 120 days of the relationship is essential. Performed properly, onboarding helps set the foundation for a deeper, more profitable long-term relationship.
"Cette publication a pour objectif de renforcer les connaissances sur les enjeux de la gestion des ressources humaines (RH) dans le secteur associatif et de donner des repères favorisant la mise en place d'outils et de politiques RH dans le secteur." Au sommaire :
- Analyse des enjeux de l'accompagnement RH associatif
- Panorama d'acteurs et de ressources utiles
- Retours d'expériences
Cyber Security Unit laws_and_regulatory_requirements.pptxSourabhNath4
Hello, cyber security notes and all. Details and various things.jsksjdhrjkdhdjdjdksjsbdks skgidbsks. Dudye8heueodheieheidhieheue. Sjsjsuowbsiskwbwiwngeiee wjehueowneur
As banks prepare themselves for the open banking journey and being able to share high-quality and accurate data with third parties, they face two immediate needs - a strong data governance and a robust data management framework that offers adequate data privacy and security measures.
Has the initial goal of bringing order to the financial markets been achieved?
Has there been an overreaction and new regulations have inhibited the free market system and specifically liquidity?
What clarity of legal thought has now evolved which can be trace through the various regulations and does it enhance established legal principles?
Is there now an emerging need for deregulation to re-dress the balance of new regulations?
2
Good to Know: Federal Grants Management Fundamentalsnado-web
During the 2019 NADO Annual Training Conference (October 19 - 22 in Reno, NV), Bob Lloyd shared information on the fundamentals of federals grant management rules.
Data protection for Lend.io - legal analysis by Bird and BirdCoadec
New EU data protection rules are coming, with the General Data Protection Regulation likely to be agreed in the next few months. It will have a massive impact on digital businesses
To bring this rather dry subject to life, Coadec working together with techUK has commissioned a leading data protection law firm to look at what current drafts of the new law would mean for a fintech startup we invented, Lend.io.
The Dodd-Frank Act has broad and deep implications that will touch every corner of finance. Title VII impacts the OTC derivatives market. This presentation provides an overview of ISDA's DF Protocol.
Distributed Ledger Technology for the Securities IndustryLaura Anthony, Esq.
Distributed Ledger Technology for the Securities Industry- In addition to general information, during this LawCast series I have been summarizing a report issued by FINRA in January, 2017 discussing the implications of DLT for the securities industry, including FINRA member broker dealer firms. In the report, FINRA specifically discussed some major areas of consideration. In these last two LawCasts in this series, I have been going through each of those topics as summarized in the FINRA report.
Related to Anti-Money Laundering and Customer Identification Programs - DLT allows for global and anonymous participation, and accordingly practices and regulations will need to address anti-money laundering (AML) and customer identification obligations (CIP). The Bank Secrecy Act of 1970 requires controls and procedures to detect and prevent money laundering. FINRA Rule 3310 addresses AML obligations.
In addition, FINRA Rule 2090, the Know Your Customer (KYC) rule, requires firms to “use reasonable diligence, in regard to the opening and maintenance of every account, to know (and retain) the essential facts concerning every customer and concerning the authority of each person acting on behalf of such customer.” Technology is already being explored to centralize identity management functions such that once a customer identity is verified, the information can be shared with all network participants. Obviously this would greatly streamline processes for broker-dealers and customers alike.
It is likely that DLT technology will surpass regulatory changes in the AML/CIP/KYC sectors. The FINRA report notes that the current rules allow a firm to outsource functions to third parties, but not overall responsibility. Accordingly, a firm could utilize DLT technology for these functions now if they can fashion internal controls and procedures that comply with the ultimate rule responsibilities....
All product and company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
Legal & Compliance, LLC- Whitepaper- The DPO Process Including Form S-1 Regis...Laura Anthony, Esq.
The DPO Process Including Form S-1 Registration Statement Requirements- One of the methods of going public is directly through a public offering. In today’s financial environment, many Issuers are choosing to self-underwrite their public offerings, commonly referred to as a Direct Public Offering (DPO). Management of companies considering a going public transaction have a desire to understand the required disclosures and content of a registration statement...
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
2. 2
– OTC clearing will call for an update of legal documentation (ISDA, give‐up
agreements…)
– Reporting to trade repositories with time constraints will imply a more efficient
onboarding
Dodd Frank Act –
Title VII
U.S.
– More robust identification and more extensive classification schemes will need to
be applied
– More detailed relationships (e.g. agent, principal) may need to be stored for more
granular credit risk calculation and disclosure
Dodd Frank Act –
Volcker Rule
U.S.
Legal Entity
Identifier
Global
– Initiative currently incorporated into Dodd Frank and expected to be adopted by
European regulators
– New identifier field to be captured and existing client data will need to be cleansed
to incorporate the LEI
– Liaison to be built with Third Party Swap Data Repository
EMIR Europe
– Similar requirements as DFA with regards to clearing documentation and reporting
rules (see Appendix for the table of fields to be reported)
FATCA Global
– AML: Stricter CDD and Client Acceptance procedures
– KYC: Additional Client Profile requirements
– Tax Identification Number (TIN or GIIN) needs to be collected for US persons
Basel III Global
– Will require centralized data to support risk management calculation and a re‐
evaluation of the types of customers and Due Diligence ahead of client onboarding
MIFID II and
Market Abuse
Europe
– Increased focus on client categorization and eligibility
– New KYC checks and approvals
– Beneficial owner identification and disclosure
– Enhanced Due Diligence in certain situations of high risk
4th AML Directive Europe
Rethinking Client Onboarding
Key Regulatory impacts on Client Onboarding
Regulation Jurisdiction Impacts on Client Onboarding People Process SystemsData
Resolution
Planning
Global
– SIFIs must provide detailed recovery and resolution plans for unwinding in case of
default, including relationships with key counterparts and clients
3. Systems
Multiple regional and/or product systems
Current IT architecture does not support
necessary changes to client portals,
workflows and compliance/ops systems
Major roadblock leading to operational
breaks
Lack of synchronization among multiple
systems
1
3
Need to transform the onboarding
function to allow timely response to
regulatory changes
24
Data
Lack of defined Golden source with
incorrect mapping between sources and
downstream systems
Operated across siloed data sources
Lack of unique client identifiers
Non‐homogeneous client account
hierarchy used especially with funds
Process
Fragmented process that prevents seamless
onboarding function and no centralized
view of a client
High operational risk linked to manual
processes
Difficulties reporting status of approval,
documentation and client requests
Standard Operating Procedures (SOP) are
often poorly defined and shared globally
People
Increasing workload putting resources under
pressure
Client onboarding viewed as routine process
Overall ownership of end‐to‐end process rarely
exists; roles and responsibilities are often
unclear
Lack of information sharing between front and
back office generating no revenue‐sharing
model
Rethinking Client Onboarding
Challenges faced by Corporate and Investment Banks
3
4. 4
Rethinking Client Onboarding
Key success factors and benefits (1/2)
Key Success Factors Benefits
Single Point of
Contact
Give ownership to a dedicated Onboarding team across the various business
lines and divisions
Identify dedicated contacts across the business for internal requests
Establish a governance body to provide leadership and oversight
Draft SLAs to make all the stakeholders in the onboarding process
accountable
Improve client satisfaction by avoiding
multiple requests
Move from a traditional siloed approach
to a functionally unified client‐centric
governance model
Ease the access to information
Create synergies between business lines
1
Global
Organization
Deploy the organization globally across the different territories
Rationalize organizational structures to avoid delays in understanding needs
Base the global onboarding policy around the most stringent regulations and
accommodate the different jurisdictions
Adopt a horizontal approach to managing compliance with existing and new
regulations
Set up global standards to serve clients
and provide consistent information
whatever the location
Create synergies and leverage best
practices of each territory
Smooth out the communication
Create flexibility to quickly adapt the
organization to regulatory changes
2
Process
Standardization
Define a master list of client document requirements before contacting
clients
Ensure that the COB team controls the master document and prevent from
other groups to ask additional documentation
Set up similar processes for all the business lines
Set up a global document management solution
Study the opportunity to offshore some functions related to client
onboarding (static data input and maintenance for instance)
Avoid back and forth with the client to ask
additional documents
Homogenize the processes across
business lines
Create synergies between business lines
and territories
Improve the efficiency of the process,
reduce overall onboarding time and
associated costs and lower operational
risk
3
5. 5
Key Success Factors Benefits
Data
Centralization
and Quality
Define a golden source of client data with a client data repository acting as a
client onboarding master database with:
A client identifier as a primary key
A cross reference with alternative identifiers within the COB framework
A standard client hierarchy
Ability to support different statuses of client activity lifecycle
Define your own set of key client data attributes then focus on the client’s
risk profile, trading preferences etc. at a granular level
Set up a single cross reference to link clients, accounts and documents
Automate wherever possible – onboarding of low‐profile risk, referential
controls…
Focus on the LEI
Make sure that there are no multiple entry points for keying the LEI and
cross‐reference between multiple identification schemes and taxonomies
The LEI field within the KYC database should feed into legal, credit, collateral
and operations systems for the purposes of consistency and transparency
LEIs should connect to each other and properly reflect their hierarchies
throughout the system
Enhance entity databases to include hierarchies, management profiles and
linkages to underlying asset classes, link entity level corporate actions data
Get a holistic view of client’s activities
Promote a single view of the client
Avoid repeatedly asking clients for the
same information
Attributes and hierarchies consistency
Correct mapping between sources and
downstream systems
Ability to support the lifecycle of an entity
on an ongoing basis
4
Rethinking Client Onboarding
Key success factors and benefits (2/2)
Monitoring
Establish a governance body to provide leadership and oversight
Define KPIs to measure the performance of client onboarding operations
end‐to‐end and monitor the business (segmentation, cross‐selling…)
Leverage client profiles for credit risk management and capital requirements
Build a monitoring process which takes into account potential changes of
client and counterparty classification throughout their lifecycle
Get a clear view of responsibilities
React more quickly to potential changes
in due diligence requirements
Enhance risk management, cross‐selling
analysis, client segmentation and
profitability reporting
5